BNY Launches Blockchain Transfer Agency for Trillions in Assets

Bank of New York (BNY) Mellon is launching an on-chain transfer agency that will record fund transactions and investor ownership on blockchain.

The platform, which will service $8.6 trillion across 7.6 million investor accounts, aims to create a shared record of ownership, reducing duplication and shortening settlement times.

BNY will run two systems in parallel as institutions test blockchain settlement and compliance, with Baillie Gifford already using the digital transfer agent for its UK-regulated tokenized fund.

The launch reflects Wall Street's growing interest in tokenization, with asset managers hoping blockchain can make fund shares easier to issue, transfer, and settle without changing the underlying investment structure.